Weekly Viz 2024-09-30
US Business Applications
The dataset I visualized this week is from the Federal Reserve Bank of St. Louis – monthly business applications (all NAICS and high-propensity) in the past 20 years. It shows a very interesting trend of new businesses during and after the pandemic.
My Visualization
This chart is a simple line chart with the total application volume and the high-propensity application volume.
Please notice that all the visualizations are designed for desktop view, so it is recommended to view them on a desktop device.
Insights
- Before the pandemic, business application were gradually increasing in the past 20 years – we saw a small dip during the 2008 recession, but it slowly recovered since then, and had been increasing at a relatively stable and low rate;
- However, the business application volume fluctuated significantly before and after the pandemic. At the beginning of the pandemic (when the small recission hit), we saw the number dropped to ~2016 level. But it bounced back strongly afterwards, and reached a all-time high in July 2020. It has been kept at a pretty high level after the pandemic for both total applications and high-propensity business applications. This could be a result of many factors – the tech market hype in late 2020 and 2021, how pandemic changed people’s working style, the recent development of AI, etc.
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